Thread by @finshots

If you are a salaried employee, then congratulations!

You already have ₹7 lakh worth of FREE life insurance.

Here’s how👇(1/n)

👉Well, kudos to the Employees' Deposit-Linked Insurance (EDLI) scheme.

👉Under EDLI, all folks with an EPF account are eligible for a free life insurance cover.

For those unaware, EPF stands for Employee Provident Fund—a retirement benefits scheme under which monthly contributions are made by the employee and employer to the employee's EPF account.

The amount collected, along with interest, is then provided to the employee on retirement.

The insurance cover ranges from a minimum of ₹2.5 lakh to a maximum benefit of ₹7 lakh, calculated according to the deceased’s salary drawn in the last 12 months of employment.

In case of an unfortunate demise of the account holder, the nominee(s) of the EPF account has to fill a form to claim insurance benefits, called Form 5 IF, which has to be submitted to the EPF commissioner’s office with the required documents.

A lump-sum payout is then credited directly to the nominee’s bank account.

What’s the catch? You have to be an active contributor to the EPF scheme prior to demise.

And here’s the free lunch-

You pay zero premium. Why? Because your employer pays it for you at 0.50% of your basic salary, with a ceiling of ₹15000.

And before you go searching for how to enroll in this great deal, don’t worry. If you are an EPF account holder, you are already signed up.

How to check if you are one?

👉You can contact your HR department or look for an EPF account number on your salary slip.

BTW do you know what else is free? A call with our advisors. Visit the Ditto Insurance (bit.ly/3ADvAKf) to get expert advice on health and term insurance today. (n/n)